Is 639 A Good Credit Score – How to get a Perfect Credit Score in 2021 for Free
Is 639 A Good Credit Score – Review
So how do you get excellent or very good credit, in the range of 760 to 850? So last year I had a 631 credit score and today February, I have a 749, that’s over 100 points in one year, and by the end of this year, it should rise by a few more points also.
So my goal for these videos is to teach you guys exactly how to do this, so you can become a part of 20-25% of the highest credit scores in America. ( that a big deal)
How to get a perfect credit score in 2020 for Free
Basic Idea: is to understand the factors and little loopholes you can use to increase your credit score step by step.
1. Why you want a good credit score
Beg: Whenever I would get asked these questions, my response was, well better credit score means you can qualify for more things.
Climax: it’s not really about the qualifying part, because if you have a job and you pay on time, they’ll you the loan. But the main thing, at what rate they’ll give it to you at.
Ending: So for example here the difference in rates by credit score.
Heres a chart: of the difference if you buy a house worth 200k and how much you would pay in interest.
So have Excellent Credit 760-850: lower rate: 1.6% different from the lowest. : so total interest payment $119,626
However, if you have Poor Credit 620-639 ( how I had It): well no we are talking an additional $66,754 extra just on interest.
And that’s why raising your credit is so important.
Comment: Your first credit card interest rate vs your latest.
My first card: 27.24%
My Discover one of the recent Cards: 17.49%
Ps: once your credit score has improved, call those credit score and ask for interest reduction, because your credit has increased.
2. What we need to do
Pay everything on Time: this makes up 35% of your credit score.
When I got a very first credit card I bought a MacBook pro for $3,000 dollars and then I lost my job and I had no way of paying it back. But, I hustled and made the minimum payment while I was getting a new job. That way I avoided having any negative remarks on my history:
Note: Late payments stay on your credit report for 7 years, I think that a little petty but yeah. If you have any, I’ll link a video on how to get them removed.
Keep your Credit Card Balance very Low: This counts for 30%, its called credit card utilization.
Story: When my credit score was 639 last year, it was because of late payments, it was because I had it at 745 and then borrowed a ton of money to invest and increased my credit card use to over 80%. So my credit crashed. So now that’s why it’s back to normal.
Note: Maintain below 10% to get that great score but below 20% is still pretty solid.
Avoid way too many Credit Inquiries: This counts for 10% not that much but it could keep you from that perfect score.
Story: I remember I needed some cash and I started applying for credit cards left and right and then that din my score by 2 points every time, because of the hard credit inquiry.
So make sure you are 90% sure you’ll get accepted before you apply, and even if you do get rejected, call in and try to get it overturned.
Note: This only stay for 2 years, I think it should be 1 year, to be honest.
3. What if you already messed up
– You already have a massive balance
– You already have late payments
– You also even have a fee inquiries
Story: You can’t change anything unless you know what you’re dealing with
So make sure you sign up for: CreditKarma or Credit Sesame, I currently use Credit Karma and I have been for the past 4-5 years.
2 things you can do:
a. Fight/ Dispute it, if it’s incorrect.
b. Just let Expire from your score, and wait for 2 – 7 years.
Secret: Or just call them and ask them to be removed on good faith since you’ve been paying x amount of time without missing any payments.
4. How to maintain it and how long it’ll take
It’ll take time, and its also simple to maintain.
For me: I’ve been working with my credit score for the past 4 -5 years, and now I’m about to reach the 760s in March. So just be patient and play the game.
Meaning: Make your payment on time and in full every month, add different types of debt as you need them, and step by step, it’ll keep increasing.
Good news: Most lender consider 760 a great credit score, and that’s a lot easier.
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